A UAE delegation explored expanding opportunities for its private sector at the 10th SelectUSA Investment Summit, an event that promotes and facilitates business investment in the US, which took place from June 23-26, in Maryland, US.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, who led the UAE delegation to the summit, also visited Washington for talks with Gina Raimondo, US Secretary of Commerce, to discuss strengthening bilateral trade and investment ties.

Dr Al Zeyoudi reaffirmed the importance of economic relations with the US, which is the UAE’s third-largest global trade partner and accounts for 27% of America’s non-oil trade with the Arab World, at the meeting.

In 2023, the two nations shared bilateral trade worth $40 billion, a 20.1% increase on the previous year and 50.2% growth compared to 2019. The pair discussed areas of mutual interest, including the ongoing collaboration on renewable energy development.

At the SelectUSA Investment Summit, which is hosted by the US Department of Commerce and brings together public officials and corporate leaders, Al Zeyoudi also met Governor Phil Murphy of New Jersey to discuss how UAE-based businesses, investors and family offices can either enter or expand their presence in the US market in areas of mutual interest, such as clean energy, logistics, infrastructure development and advanced technology.

The summit’s workshops and seminars also enabled the delegation to learn about the various investment opportunities across the USA, enabling them to identify potential areas for collaboration and the means to access them.

Addressing attendees from the US business community at a session organised by the UAE-US Business Council, Al Zeyoudi, said: “Our visit to the US is a reflection of our commitment to finding new avenues of cooperation and to building partnerships at the public- and private-sector levels that further our economic diversification ambitions.

“SelectUSA is not only the ideal platform to discover the opportunities in the US market but to also to showcase the dynamism of the UAE’s ecosystem, which is already home to more than 1,500 US companies.”

The UAE is the largest Arab investor in the USA with assets of more than $38.1 billion, accounting for over 50% of Arab investment into the country as of 2022.

UAE investments in the US over the last five years have grown by $12 billion across a variety of sectors with a focus on transportation, business services and ICT.

Majority UAE-owned firms employ over 24,300 US workers and help to increase US exports, contributing US$1.4 billion to the value of US goods exported in 2021.